Global Energy Development Share Discussion Threads

[on target] 11/12/2014 15:34

For Bolivar, very much so, according to this development plan (dated Sep 13).



For Bocachico, no idea. Maybe it will get sold before that point.

[anangf] 11/12/2014 14:48

Will GED reported reserves ever lead to P&L?

Any knowledgeable parties care to comment?

[on target] 11/12/2014 14:12

The market seems to be completely ignoring the fact this company has just sold off its producing assets for $49m cash (approximately double the current market cap). It has no dependence on the oil price in the near term so the current rout has no effect on it.
Partly the fault of the company perhaps, they haven't exactly spelt this out in big letters.
Hoping the next RNS will address this.

[waleoilbeefhooked] 11/12/2014 14:10

Good buying opportunity! Oilies coming back into favour ....... :D)

[on target] 11/12/2014 12:34

PZE has plummeted with the oil price since they spent most of their cash plus some new debt on GED's oil-producing assets. GED should surely be moving in the opposite direction, having pulled off a superbly timed deal netting them twice the market cap in cash!

[on target] 11/12/2014 10:40

Despite the non-communicative bod I'm very comfortable with my holding here.
Fundamentals with a 40% discount to net cash, mega proven reserves and half a dozen free carries in upcoming wells are excellent, and dare I say the chart looks quite poised for a move in the right direction.

[paleje] 11/12/2014 10:28

:)

From the so far non reply I'd say they find my question sensitive, which is ridiculous as it does not ask details, only confirmation that they will enlighten us and when.

[on target] 10/12/2014 17:08

Cheers paleje, let us know if you get a response.
I suspect it will be in RNS form again.

[paleje] 10/12/2014 12:08

I've emailed them to ask em when they'll be letting us know what's happening with our money. Personally think they might be waiting on some other news or event.

There's a view on the oil 'train wreck' as they put it on Money Week today:-

[loverat] 09/12/2014 14:08

A little surprised to see these back to levels they were before the recent news. I suspect there will be another run up when the company clarifies its intentions further.

[paleje] 08/12/2014 16:57

Simon Thompson at IC was asked today on his comments page (you can't access it without subscription so no point linking) what to do now that GED has completed its Los Llanos sale. His answer:-

SIMONTHOMPSON
Nigel

I have no reason to change my view on Global Energy Development. Post the disposal, net funds equate to 73p a share against a share price of 50p. This means we are getting a free carry on the drilling campaign, quite literally as the farmout means that Global's Partners are picking up the tab. The shares are worth buying.

I will have another look at 32Red.

Regards

Simon

[liarspoker] 08/12/2014 13:54

I'm not in favour of a special divi. I'd much rather a return of capital which is advantageous for shareholders from a tax perspective.

In actual fact I'd like to see the disposal of the two remaining assets before a return of capital. ;-)

[on target] 08/12/2014 13:29

Maybe a small share buyback could be in order. I reckon a mere £0.25 or £0.5m would be enough to sort out the shareprice.

[salpara111] 08/12/2014 13:26

I still want them to commit to a one off special divi of at least 10p which will cost them less than £4M.
If you look at the likes of TLW, its share price has declined from £16 to £4 so I don't think GED is being uniquely hit.

[on target] 08/12/2014 12:09

Thanks for the constructive reply paleje.

[paleje] 08/12/2014 11:52

Because they haven't said where it's going yet. Swapping an income stream for cash has to have some logic behind it, they've vaguely said part of it would help accelerate other asset development and full details would follow after completion.

There's no reason to hold back now unless they're waiting for some other event which could influence what they say. That's how I read it anyway but I agree the market is very wary, not only of this company I might add.

[on target] 08/12/2014 11:31

Something seriously not right here. It has just received cash significantly in excess of the market cap and look at the share price performance. Very strange indeed.

[hyperboreus] 06/12/2014 14:05

Thanks for the posting bwanad, I have wondered in the past who was behind NCC Ltd and your excellent post has answered that one for me.

NCC Ltd incidentally still own 4.01% of Global according to most recent substantial shareholdings.



I wondered where Anna ans Stevie stayed when they were in town :-)

[bwanad] 06/12/2014 13:12

Nemazee went to jail for a Madoff type offense, and the US Marshall service liquidated his holdings. They offered his shares to Quasha (his buddy). Imagine the carnage if they sold them on the open market. Quasha and Nemazee were involved in other ventures also.






Nemazee Capital Subsidiary Makes Investment in Global Energy Development


2008-12-15 19:25:02 -


www.nemazee.com - NCC Ltd., a Nemazee Capital subsidiary, announced today an investment in Global Energy Development (London Stock Exchange:GED). NCC Ltd. is an affiliate of Nemazee Capital (www.nemazee.com), an investment company controlled by veteran financier Hassan Nemazee.
Global Energy Development PLC is a petroleum exploration and production company focused on South America, a region in which the GED management team has decades of operating experience and where they have pursued a long-term strategy of finding and developing new oil reserves.
GED's balanced portfolio is vertically integrated and includes a base of production, developmental drilling centers, and a selection of high-potential long-term exploration projects. Perhaps more impressively, all seven of GED's contracts in South America are based in countries - Colombia, Peru, and Panama - with some of the best contract terms on the continent. This combination of operational flexibility and strong pro-business conditions bode well for investors like Nemazee Capital.
"We believe the investment by Nemazee Capital's affiliate, NCC, into Global Energy Development should be a highly successful one," said Hassan Nemazee, Chairman and CEO of Nemazee Capital.
In an independent report, the Ryder Scott Company projected total oil reserves of up to 64.9 million barrels in fields controlled by Global Energy Development.
About Nemazee Capital
Since 1987, Nemazee Capital has invested in a wide variety of industry sectors, including healthcare, media, oil and gas, insurance, financial services, publishing, real estate development, technology, and communications. Its founder Hassan Nemazee has more than 30 years of successful investing experience across numerous verticals. In recent years, Nemazee Capital has focused its investment portfolio on the financial services industry through acquisitions of Carret Asset Management and participated in the acquisition of Brean Murray Carret & Co. For more information on Hassan Nemazee and Nemazee Capital, visit www.nemazee.com.
About Global Energy Development PLC
Global Energy Development PLC is a petroleum exploration and production company focused on Latin America. The company's balanced portfolio of contracts comprises a base of production, development drilling and work over opportunities and several high-potential exploration projects. The company's shares have been traded on AIM, a market operated by the London Stock Exchange, since March 2002 (LSE-AIM: "GED"). Global Energy Development operates in Colombia through its wholly-owned subsidiary Harken de Colombia Limited. For more information, please visit www.globalenergyplc.com.



Nemazee Capital

[hashertu] 05/12/2014 18:01

Hyperboreus. Below are some extracts from an RNS issued in 2011.

Lyford were made an offer that was hard to refuse, due to the (believed to be) distressed sale by the USMS.
This triggered a mandatory offer for the remainder of the shares.
Lyford then did the bare minimum to comply with the regulations.

*Earlier today, Lyford announced that it had acquired a beneficial interest in Global through entering into an agreement to acquire 3,565,936 Global Shares, representing an interest of approximately 9.97 per cent. in Global, from the United States Marshals Service (the "USMS"), at a price of approximately US95.9 cents per Global Share (equivalent to approximately 59.2p per Global Share based on a closing mid exchange rate of US$1.62:£1 on 15 June 2011)

*As a result of the Acquisition, under Rule 9 of the Code, the Concert Party is obliged to make a mandatory cash offer to acquire the entire issued share capital of Global not already owned by members of the Concert Party.

*The Independent Directors of Global recommend that Global Shareholders do not accept the Offer.

[on target] 05/12/2014 16:52

So only 0.66% of shareholders accepted the offer. Surely a similar result would happen again unless they offered significantly more than the current price - especially now they have significantly more than the current price in cash!